HyTerra Ltd (ASX:HYT) is offering eligible shareholders the opportunity to apply for a 1-for-4 loyalty option under an options entitlement offer, priced at $0.001 per option with an exercise price of $0.025 and an expiry date of June 30, 2025.
HYT intends to raise up to $140,176 from the offer of options, which will be listed on the ASX as equal shares.
Well completion imminent
“We are very pleased to be making this offer to eligible shareholders in recognition of their ongoing support of the company,” HyTerra executive director Avon McIntyre said.
“Since listing in December, we have matured our technical understanding of natural hydrogen and jointly developed a work program for flow testing of the Hoarty NE3 well at Project Geneva.
“With site operations now underway and the completion rig scheduled for the end of this week, we are excited to be developing the company and its assets for the benefit of all shareholders.”
Natural hydrogen project
HyTerra is engaged in a joint venture agreement with Natural Hydrogen Energy LLC to advance Project Geneva, a natural hydrogen project centred on the wildcat Hoarty NE3 well and 3,891 acres of exploration leases across Nebraska and South Carolina in the US
Natural hydrogen is a type of naturally-occurring hydrogen that can form reservoirs in the subsurface – if said reservoirs are of sufficient size and frequency, hydrogen could potentially be produced directly from wells, rather than created in emission-intensive steam-methane reforming (blue hydrogen) or energy-intensive electrolysis (green hydrogen).
Read: Natural hydrogen: A passing curiosity, or energy disruptor?